PENSIONS

All Employees will be covered under the Steelworkers Pension Trust (SPT) as of Wage Month January 1, 2003. The SPT is a multi-employer defined benefit pension plan. It is administered by a Board of Trustees, consisting of an equal number of employer

and Union representatives.  

Section A. Coverage

1. Covered Employees

Covered Employees are all Employees who were actively employed for any length of time during a Wage Month. The Company is required to make a contribution in respect of an Employee whose employment is terminated during a Wage Month.

2. Newly Hired Employees

Newly hired Employees will be considered Covered Employees on the first day of the first calendar month immediately following the expiration of thirty (30) days

from the commencement of his/her employment. Such calendar month shall be the Employee's first Benefit Month. The immediately preceding calendar month shall be the Employee's first Wage Month.

3. Coverage of Newly Hired Employees Who Were Previously Covered

Newly hired Employees who were previously covered by the SPT shall be considered Covered Employees as of the first day of the first calendar month immediately after the commencement of their employment. This calendar month is the Employee's first Benefit Month and the calendar month immediately preceding is the Employee's first Wage Month.

Section B. Covered Service

1. Covered Service for purposes of eligibility and vesting under the SPT will

include:

a. periods of employment with the Company beginning on the date the Employee was hired by the Company and continuing during the time the Company remains a Participating Employer; and

b. service with a Predecessor Company (a USWA represented company, some or all of whose assets are or were acquired by the Company), as determined by that Predecessor Company's pension agreement.

2. Covered Service ends when an Employee quits, dies, retires or the Company stops making contributions on the Employee's behalf.

Section C. Hourly Contributions

1. Beginning on February 10, 2003 and continuing each month thereafter, the Company shall contribute to the SPT an amount equal to $1.50 for each Covered Employee's Contributory Hours (as defined in Section G below) during the previous month (Wage Month). The month during which the contribution is made is referred to as the Benefit Month. The first contributions will be due by February 10, 2003 and will be for each Covered Employee's Contributory Hours during January 2003.

2. Beginning on February 10, 2004 and continuing each month thereafter, the Company shall contribute to the SPT an amount equal to $1.80 for each Covered Employee's Contributory Hours during the previous month. The first such increased contributions are due by February 10, 2004 for each Covered Employee's Contributory Hours during January 2004.

3. Covered Employees will receive an annual statement from the SPT showing the contributions made on their behalf during the previous calendar year, the total contributions made on their behalf for all years of participation in the SPT, and the accrued benefit at Normal Retirement.

Section D. Benefit Formula and Amount

1. The amount of the pension that an Employee will receive depends directly on the total amount of contributions made on behalf of the Employee to the Plan by the Company during the time the Employee was covered by the Plan.

2. The monthly benefit payable at Normal Retirement, Rule-of-85 Retirement,

and Disability Retirement under the SPT equals the amount of the annual houdy contributions on behalf of an Employee multiplied by an appropriate percentage as determined by the Trust and in effect at the time contributions are made and then divided by twelve (12) to obtain a monthly amount. This is the formula for a single life annuity. The benefit payable as a joint and survivor annuity or other optional form of payment is subject to adjustment.

Section E. Eligibility for Pension

Effective January 1, 2003, vested participants are eligible to retire under the following

options:

1. Normal Retirement

Retirement at age 65 with a pension benefit based on the contributions made on his/her behalf, without reduction for early retirement.

2. Early Retirement

Retirement at age 55 with a pension benefit based on the contributions made on hislher behalf, reduced by 0.25% (1/4%) for each month (or 3% per year) that the retirement is prior to age 65.

3. Rule-of-85 Retirement

A participant is eligible for a Rule-of-85 retirement with a pension benefit based on the contributions made on his/her behalf, without reduction for early retirement, if:

a. age plus the number of years of Covered Service equals 85 or more;

b. the years of Covered Service that count in making the calculation are those

calendar years in which there were at least five (5) months for which contributions were paid to the SPT; and

c. during the twenty-for (24) month period preceding the month of retirement, there must have been at least ten (10) months for which

                    contributions were paid to the SPT on his/her behalf.

4. Disability Retirement

Disability within the meaning of the Federal Social Security Act while a Covered Employee on or after January 1, 2003, with a pension benefit based on the contributions made on his/her behalf, without reduction for early retirement.

Section F. Vesting

The Trust currently provides that a Participant shall be fully vested upon the

completion of five (5) years of Covered Service.

Section G. Hours for Which Contributions are Made 1. Contributory Hours include:

a. hours actually worked by Covered Employees;

b. hours for which Covered Employees were paid because of vacation,

holidays, jury duty, bereavement leave, union business;